FAYETTEVILLE, NC–(BUSINESS WIRE)–Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Freedom Town Center, a 350,800 square foot shopping center with grocery store in Fayetteville, North Carolina. The center sold for $83 million, which is $236 per square foot.
“Over 99% occupancy at the time of sale by a list of top national tenants, Freedom Town Center serves over 4 million customers annually,” said Steven Siegel, Senior General Manager of IPA. Siegel arranged the sale on behalf of the principals. The seller is Triple Net Group, based in New York, and the buyer is an investment group in a 1031 exchange. Ben Yelm, vice president and regional manager, is the broker of record for Marcus & Millichap in North Carolina.
Built in 2017 on 38 acres, Freedom Town Center is located in Fayetteville’s main commercial area. Downtown Fayetteville and Fort Bragg, one of the largest military bases in the world, are nearby. Major tenants are Sprouts, Dick’s Sporting Goods, Hobby Lobby, Field & Stream, Home Goods, Burkes Outlet, Petco, Buy Buy Baby, DSW, World Market, Five Below, Osh Kosh B’Gosh and Five Guys.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, cutting-edge technology and award-winning research delivers customized solutions for the acquisition, disposal and financing of properties and institutional portfolios. For more information, visit www.institutionalpropertyadvisors.com
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices in the United States and Canada. As of December 31, 2021, the company had 1,994 sales and investment finance professionals across 82 offices that provide investment brokerage and finance services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to its clients. Marcus & Millichap closed 13,255 deals in 2021, with sales volume of approximately $84.4 billion. For more information, please visit www.MarcusMillichap.com.